My wife and I reside in New York State. When we refinanced our house in 2004, the mortgage finished up in my name only. From what I know, my wife was “removed from the title” but she is still listed on the deed. She is wants to make sure she retains legal right to jointly own the house in event of death or separation. What is the best course of action to make sure she retains rights to the house, even though she is not reliable for the mortgage?
The deed is the document which is recorded and puts one “in title”. The deed expresses ownership or title of the property. If your mortgage is in your name only, that is fine, that means wife is NOT liable for mortgage. But if wife was removed from title, that means she has no ownership interest.
TALK to the title company that did the refi and find out how title is held. LOOK at the title insurance policy provided at the time of the refi.
But, even though she is off the mortgage, IF she remains IN TITLE, when you die and she takes title, your liability, the amount owed on the mortgage will become part of the estate, and remain a lien on the property until repaid. Usually your mortgage provides that successors and assigns in title are liable, in this case, your wife.